Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News

As part of the Eastern U.S. prepares to enjoy the total solar eclipse today, fintech enthusiasts can also eclipse the competition with the latest news and updates in the fintech world. Check back for real-time updates on how the fintech landscape evolves this week.

Payments

Business payments and financial platform Airwallex launches its Borderless Visa card in Canada.

Mexican BNPL provider Kueski introduces in-store mobile payment solution.

Urguayan fintech dLocal partners with payroll and payments platform Papaya Global.

International money movement company TerraPay secures Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

ClearBank achieves first full year of profitability.

TransferGo raises $10 million, doubling its valuation.

Kyriba and Onyx by J.P. Morgan (Onyx) leverage the blockchain to streamline cross-border payments.

Arizona Financial Credit Union (AZFCU) selects NCR Atleos’ ATM as a Service (ATMaaS) to increase operational efficiencies within the self-service banking channel.

The Clearing House’s RTP experienced a record 76 million transactions valued at $42 billion in the first quarter of this year.

Fraud and security

NICE Actimize introduces new integrated, AI-driven fraud management platform.

Passwordless authentication specialist 1Kosmos appoints Christine Owen as Field CTO.

Enterprise AI solution provider SymphonyAI unveils its SensaAI for Sanctions offering.

Oracle introduces new AI-powered cloud service to enhance AML compliance for banks.

Canadian Coast Guard awards contract to Zighra.

Sprinto raises $20 million for compliance management.

Data management

Gen II Fund Services launches Sensr DataBridge to help private equity sponsors access crucial fund data.

Lending

Florida’s Space Coast Credit Union (SCCU) expands its partnership with MeridianLink.

Worth AI taps Equifax to help improve underwriting and risk management for small businesses.

Banking

Navy Federal Credit Union forms 7-year strategic partnership with Backbase.

Insurtech

Insurtech company bolt introduces its new North American CFO Matt More.

American Family Life Insurance Company partners with Munich Re Automation Solutions for its automated underwriting and analytics solution.

Lemonade launches homeowners insurance in France.

Regtech and compliance

Corlytics receives investment from Verdane for its compliance technology.

Wealthtech

Investment research platform Tegus launches its AI chat tool, AskTegus.

Open banking

Open banking powered account-to-account payment infrastructure provider Token.io introduces new Chief Commercial Officer Ronnie d’Arienzo, new Chief Financial Officer Tatiana Okhotina, and new Chief Operations Officer Tim Corke.

Atto, a credit risk solutions provider based in the U.K., teams up with analytics software firm FICO to bring open banking data into U.K. credit scoring.


Photo by melissa mayes

1Kosmos Unveils its BlockID 1Key Solution for Mobile-Free Passwordless Authentication

1Kosmos Unveils its BlockID 1Key Solution for Mobile-Free Passwordless Authentication
  • Identity and authentication platform 1Kosmos launched its BlockID 1Key solution this week.
  • BlockID 1Key is a biometric security key that provides passwordless multi-factor authentication for customer help desks, retail bank branches, and other environments deemed too sensitive to allow access to mobile devices.
  • 1Kosmos won Best of Show in its Finovate debut at FinovateSpring 2023.

Blockchain-powered identity and authentication platform 1Kosmos launched its BlockID 1Key solution this week. BlockID 1Key is a biometric security key that provides passwordless multi-factor authentication for Senstive Compartmented Information Facilities (SCIF). The phishing-resistant solution also works for manufacturing clean rooms, customer help desks, retail bank branches and other environments deemed too sensitive to allow access to mobile devices.

“Passwordless is extremely difficult and costly to deploy in environments such as call centers and manufacturing floors where mobile devices aren’t permitted or used,” 1Kosmos CEO Hemen Vimadalal said. “BlockID 1Key eliminates this roadblock and provides a phishing-resistant, scalable and interoperable passwordless experience for workers in dynamically assigned workspace settings – using a stationary, one-to-many FIDO-compliant key.”

BlockID 1Key enables organizations to verify identity at the initial access attempt and at every subsequent access attempt. This helps defend against attacks like phishing and vishing that exploit password vulnerabilities. The technology also secures the registered biometric to create an immutable chain of custody. Once secured, the biometric provides identity verification that is tamper-evident, and credentials that are phishing-resistant.

The technology is also suitable for workstation-independent contexts. BlockID 1Key’s register-once-use anywhere model lets users authenticate and work on any managed device. All they need is their username and a biometric fingerprint scan. The solution features support for Windows login as well, and is compatible with WebAuthn services and applications.

1Kosmos won Best of Show in its Finovate debut at FinovateSpring last year, and returned to the Finovate stage last September for FinovateFall. Headquartered in East Brunswick, New Jersey, 1Kosmos has raised $15 million in funding, according to Crunchbase. The company includes Gula Tech Adventures and Forgepoint Capital among its investors.


Photo by Alexander Grey

FinovateFall 2023 Sneak Peek: 1Kosmos

FinovateFall 2023 Sneak Peek: 1Kosmos

A look at the companies demoing at FinovateFall in New York on September 11 and 12. Register today and save your spot.

1Kosmos’ BlockID provides workers and customers with convenient, passwordless, multi-factor authentication with the added security of identity verification to help prevent identity fraud and account takeover.

Features

  • Self-service, KYC-compliant identity proofing with tailorable onboarding journeys
  • Reusable, NIST certified IAL3/AA3 MFA for strong customer authentication
  • GDPR-compliant privacy-by-design with immutable audit trail

Why it’s great

1Kosmos’ software-as-a-service platform, certified to NIST, FIDO2 and iBeta PAD2 specifications, supports identity proofing and passwordless multi-factor authentication for workers and customers.

Presenters

Sheetal Elangovan, Product Manager
Elangovan is the Product Manager of the admin experience on the BlockID platform and Product Design Lead for all products being built at 1Kosmos.
LinkedIn

Jens Hinrichsen, SVP, North American Sales
Hinrichsen is a career business growth leader, having held a variety of sales and marketing roles across the cybersecurity, fraud, and digital user experience spaces.
LinkedIn

Best of Show: The Finovate Podcast’s Greg Palmer Chats with the Faves of FinovateSpring

Best of Show: The Finovate Podcast’s Greg Palmer Chats with the Faves of FinovateSpring

Check out Finovate VP and host of the Finovate Podcast Greg Palmer (@GregPalmer47) as he interviews the innovators that won Best of Show awards at FinovateSpring in May.

From digital transformation and payments to customer experience and the future of finance, the Finovate Podcast is a great way to hear from some of the most innovative talents in fintech.


Finovate VP Greg Palmer talks with Nate Gibbons of QuickFi on reimagining business financing and successfully managing rapid growth. Demo video.


Greg Palmer sits down with Tom Baran of 9Spokes on open banking and personalization in the SMB space. Demo video.


Greg Palmer interviews Jens Hinrichson and Robert MacDonald of 1Kosmos on the future of password-optional authentication. Demo video.


Greg Palmer talks with Deepak Jain of Wink on the future of biometric payments. Demo video.


Greg Palmer chats with Maya Mikhailov of SAVVI AI on on no-code AI solutions you can implement right now. Demo video.


Greg Palmer catches up with Hossein Rahnama of Flybits. Demo video.


Photo by CoWomen

FinovateSpring 2023 Best of Show Winners Announced!

FinovateSpring 2023 Best of Show Winners Announced!

There’s still one more day to enjoy FinovateSpring. But as far as the live demo portion of our program is concerned, the Best of Show celebrations have begun. With that in mind, please join us in congratulating the winners of Best of Show at FinovateSpring 2023.


1Kosmos for its technology that automates user onboarding for workers and customers, protecting against stolen and synthetic identities while eliminating ATO and fraud. Video.

9Spokes for its technology that unlocks the potential of open data, giving financial institutions a powerful set of tools to engage business customers. Video.

Flybits for its personalization platform that enables financial institutions to deliver best-in-class personalized digital banking experiences. Video.

QuickFi for its 100% digital, self-service equipment financing platform that enables business equipment financing in minutes. Video.

SAVVI AI for its technology that helps any FinCo team build and deploy AI apps in minutes. No data scientists, pre-existing data, or custom infrastructure required. Video.

Wink for its biometric payments and identity platform that enables users to say goodbye to passwords and fraud – and say hello to secure and simple authentication. Video.

On behalf of the entire Finovate team, we want to thank all of our demoing companies, our partners, and our sponsors. We also want to express our gratitude toward our attendees in the fintech and financial services industry who bring so much positive energy to our events. We look forward to seeing you again next year right here in San Francisco for FinovateSpring 2024!


Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their six favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2023 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021
FinovateEurope 2022
FinovateSpring 2022
FinovateFall 2022
FinovateEurope 2023

FinovateSpring 2023 Sneak Peek: 1Kosmos

FinovateSpring 2023 Sneak Peek: 1Kosmos

A look at the companies demoing at FinovateSpring in San Francisco on May 23 and 24. Register today and save your spot.

1Kosmos‘ BlockID provides workers and customers with convenient, passwordless multi-factor authentication with the added security of identity verification to prevent identity fraud and account takeover.

Features

  • Self-service, KYC-compliant identity proofing with tailorable onboarding journeys
  • Reusable, NIST certified IAL3/AA3 MFA
  • GDPR-compliant privacy-by-design with immutable audit trail

Why it’s great

1Kosmos’ Software-as-a-Service platform is certified to NIST, FIDO2 and iBeta PAD2 specifications and supports identity proofing and passwordless multi-factor authentication for workers and customers.

Presenters

Jens Hinrichsen, SVP, North American Sales
Hinrichsen is a career business growth leader, having held a variety of sales and marketing roles across the cybersecurity, fraud, and digital user experience space.
LinkedIn

Robert MacDonald, VP Product Marketing
MacDonald has more than 15 years of global marketing experience with leading B2B and B2C identity software companies.
LinkedIn